Fixed: Expenses due at a particular time or on a regular schedule. These expense amounts remain the same or change according to a known schedule (for example, rent or car payment).

Flexible: Expenses that occur by choice and are subject to change (for example, hobbies and entertainment).

Variable: Expenses that take place on a regular basis and are consistent and predictable, but the amounts change (for example, utilities and credit cards).

Gross Income: Total amount of money earned before any taxes and payroll deductions are subtracted.

Net Income: Gross income minus taxes and payroll deductions; your take-home pay.

Bi-Weekly Income: Payment every two weeks (for example, every other Friday).

Semi-Monthly Income: Payment twice a month, such as on the 15th and the 30th.